report. at first glance, it looks like a report that would be quite bullish for oil prices. is sure when the last time we had this kind of a drawdown in oil inventories. the most it looks like -- only going back to earlier in may. we have had some drawdowns here back to back. elsewhere, in terms of what we are watching today, we have stocks rising not by much, but a little bit of a bounce back stocks after a couple of days of declines. i am going to check and see what energy shares are doing on my bloomberg. they are up .6% in the best-performing group in the s&p 500. that definitely lending to some of the gains. on the downside, today we have hewlett-packard enterprise, those shares pulling back by session.oday's the company getting a disappointing profit outlook as it is competing more heavily with other companies in the cloud industry. that is one of the biggest laggards we are watching in today's session. we are watching a lot of the automakers today. we've got a mixed picture as usual. tesla doesn't report sales on a monthly basis. the shares pullback two thirds of 1%. gm sales actually missing estimates. the company reporting a drop of 1.3% last month in u.s. sales. the shares are up for, fiat crossley -- the across the -- chrysler. ford with a greater gained than estimated saying it saw increased deliveries to rental car companies specifically. consumer discretionary showing strength today as a result of the automakers. mark: sentiment -- 30 minutes -- gmm ,ession everything you know about the numbers. green is your color. stocks up for the first day. worst run of the five-day losing streak since november currencies , bonds, commodities. lots to talk about. swiss gdp data accelerating less than forecast at the start of the household spending. sectors long blighted by the strong frank wants to back. 3.9% jump in exports in the first quarter helped gdp rise .3%. the estimate was .5%. still the strongest performance in three quarters. consumer spending up by .1%, a sharp slowdown from the .9% rate at the end of the 2016 year. todayere, china pmi data on the private side came in below 50. yesterday we did the headline figure from the government above 50. what does that tell us? economics,et manufacturing, pma -- pmi falling. lowest trading since june of 2016 below the estimate of 50.1. the private measure has a smaller sample size contrast with the government figure indicating manufacturing was steady last month and as the e.u. and china meet in brussels to discuss trade and climate, this is a great chart, the trade balance of the e.u. with china. it will present an opportunity for china to demonstrate its leadership on global us to use and free trade -- free trade, at a time when the u.s. is turning inward. isnie: president trump expected to make a decision today on the paris climate treaty where he will likely withdraw the u.s. from the landmark agreement. other world powers have vowed to defend the deal including china, the world's number one polluter. --reaffirmed his country's commitment to tackle global warming in a joint press conference with german chancellor angela merkel. -- from threethe different -- the accord from three different angles. kevin cirilli is at the white house. government reporter patrick donahue is in berlin. let me come to you and ask you about the technicalities. made ant trump will have decision by 3:00 p.m. eastern. are there people working on various outcomes or is it more or less decided? kevin: we just got word from the white house that this announcement is scheduled to come at about 3:00 p.m. you can expect -- anticipate that all the fanfare will begin at about 2:30. i think the bottom line is that the president has already made his decision, but the devil will be in the details because there is the potential that he would be able to perhaps provide some wiggle room in the sense of giving congress a little bit more oversight or control over negotiating the paris accord. top conservatives argue for that during the obama administration. we should note the juxtaposition of the president fulfilling a alsoign promise while having a bit of a walk back on keeping the u.s. embassy in tel aviv as opposed to moving it to jerusalem. the white house putting out a statement saying that decision on a no means final, but day in which he is fulfilling a campaign promise to his supporters and the likes of steve bannon, he is not on jerusalem. and: not easy to walk away kevin talking about the senate option. there are three other options as well. rattle through them for us. >> there are a couple of different options. one is he could leave the paris accord. that is the agreement signed in 2015 and i would take about four years and at the end he would have to sign a piece of paper saying he was going to leave. we don't know the situation -- what the situation will be like. the nuclear option could be to leave the united nations framework convention on climate change agreed in 1992 and that would take a year. finally, he could do nothing and he could not meet the paris targets and there will be no penalties. mark: earlier, patrick, we had german chancellor angela merkel meet with chinese premier league chang -- and he pledged to stick to his pledges to tackle global warming. that really does isolate donald trump and the u.s. administration further, doesn't it? that was the big one. that is the one we were waiting for this morning. angela merkel has been making overtures to china since the week after trump's inauguration and both leaders made it clear that they consider themselves to be responsible for preserving the global trade order with china as well on board for preserving free trade. position imerkel's think was made clear at the beginning of the week because she was among the six liters sitting with -- six liters sitting among -- leaders sitting among donald trump try to get him on board the next day ca -- saying that the reliability that germany has in terms of the u.s. may be a thing of the past. vonnie: our thanks to bloomberg's kevin cirilli in london, jess shankleman, and after donahoe -- patrick donahue. over tot's go -- get russia, the annual economic forum is underway. erik schatzker is there with an exclusive interview with an oil titan. erik: it is amazing to you run into at the st. petersburg economic forum, bob dudley, the ceo of bp has been kind enough to share a few minutes of his time for me. people may not know that bp actually still has a business here in russia. will getartners and we into that. i would like to begin by asking you about oil prices, of course in russia together with opec and other world producing nations have extended their production cuts by nine months. tohasn't done a whole lot lower the oil price since then. are you surprised? bob: it is an unprecedented agreement. stabilized to a degree, the oil markets. had they not come to that agreement we would see a lower price. i think on a daily basis it is bringing supply and demand back into balance. to thece get it down average over the last five years. it will take some time, but i think it is going in the right direction. erik: the rand is just slightly north of $50. if the cuts were extended, where would it be? bob: it is hard to say. vivian production is coming along with other -- libyan production is coming along with other factors. $40, but lowly the $40? production is healthy, all of these things can go up and down. shale production continues to rise, getting these agreement in place keep the oil price between $50 and $60 is probably the objective and i think that is a healthy price for the world. erik: the futures curve suggests oil will be trading in the $50 cuts expire nine months from now. what reason is there to believe that is the case if the cuts were required to keep oil from dropping into the 40's now, why wouldn't more cuts cuts expire s from now. be required to keep it from dropping into the $40 a few months -- 99 -- nine months from now? at all theill look data and see how the markets responded if they extended or make another agreement. i think we will not know until the very last minute. that is sort of their business. the fact that the level of communication and cooperation together between the countries, i think they are sort of working together on that. some concern, if you will, at the very least interest in the question of whether opec and the russians and the others have trapped themselves into a permanent cut uttuation -- perma-c situation, that you have to keep extending the cuts or you end up with an oil price that is too low to satisfy your needs. bob: i wouldn't say they trapped themselves into something. i think there is a lot of variables. demand levels will continue to rise as about -- economic growth continues to grow. i worry about the stability of venezuela production. libya is up and down a little bit and it could go up and down either direction. erik: how do these cuts affect the production share you get in other countries as well? the aue and azerbaijan? bob: as they produce -- reduce that -- reduce production, we see that go down. some of the concessions in abu think the loss of production because we would rather go for value over volume, the value of the higher price results in these reduction probably offset themselves. erik: in other words, you see it exactly the same as they do. bob: i do, yes. erik: have we reached a point where opec together with its partners is beginning to take more control over global oil price for his this really just a temporary situation? bob: the swing producer -- is at the saudi arabia or shale, shale , but iicularly healthy think this is not a question that has been answered yet by the markets. one of the countries -- can decision impact reduction very quickly and same with the market levels. i would have to talk to the opec ministers, but i think they don't want shock. erik: clearly that is one of the things they are trying to avoid. i don't need to tell this to you, it is more for everyone else, shale has become a swing producer but the cost continues to crater. bob: they are coming down. there's also a lot of companies that are not generating cash. i don't see the cash going back to the shareholders, so the economic model is not crystal clear to everybody either. erik: let me ask you this question is that being the case, $50. assume wti fetches how much longer can those -- zombie producers continue to pump? bob: i think the permian basin is the exception. i think it can operate in the $30 rate. i think it will be more difficult for some of the other basins. i think the permian basin can go lower. can you seech lower cost going down globally because they are not just going down in shale country. we have seen them go down in deep water as well. bob: it wasn't that long ago they made money at $25 a barrel and $30 a barrel. this is a massive readjustment of cost if they come down and they will come down around the world. technology will change and make it more efficient, but there is no question about greater -- from reservoirs. pay -- bp is the break even right now? bob: because of deals we did this year we are above $55 a barrel. with the plans we have in the project, we can see a breakeven cost in 35 -- $35 or $38 a barrel. this year is a good year and an important year for bp. we have seven major projects in the commodity upstream. we got three of them already started and the other four on track. it's an important year for bp to get back within a financial framework. we have had our own special circumstances with fines and penalties in mexico and those are set now. erik: if the united states and the europeans were to relax sanctions on russia, would that create an opportunity for bp to do more business here and what you seize that opportunity? bob: we do business today well within the boundaries of the sanctions. we have a lot of work and new work and projects we have planned. for us it is not -- it is about maintaining a capital framework. we have a lot to do. that is probably the barrier rather than wanting to do -- erica: it is more a question of whether the funds would be available as opposed to whether you would have the opportunity to do it. bob: we work with ross net in russia, but it is the financial framework that will keep us is a blend over the last -- next five years. there's a lot of things we would like to do in russia and other places in the world. erik: as you are well aware, president trump needs to make a decision about whether to stay in or drop out of the paris accord on climate change. what is your position and what message would you sent to the president? bob: we have been clear in our support of the climate agreement in paris. we are part of the climate initiative which is 10 of the big companies in the world working towards projects and technology that are needed. i think we all want to know how the formula would work, but i paris needsncept of to stay in everybody's mind on the issues of we've got to transition the world to a lower carbon warm of energy. i have no doubt it will happen so i think we need to be really clear other than just walking away from it what you put in place for now in the united states. it's an important topic. erik: to what degree is that transition at risk? going to drivees that transition a matter what happens or does it need the paris agreement to accelerate it? bob: it may not need the paris agreement, it needs the agreement from governments and countries around the world. i believe those countries, if they drive cleaner air and cleaner energy and have government policy to support that, that is going to help in the right direction. to me, that is the epicenter of this. it's not -- if you have one giant coal fire plant being built in asia. .he co2 is there if anybody is adjusted in my opinion i think some of the world's multinational funding agencies like the world bank and others should think about how to create the right incentives with funds -- to fund national -- natural gas projects and renewables together in some of these areas. erik: if i understand you, you believe it would help if the u.s. stayed in a paris accord? accord support the paris . i think of would be good if they did, but if they are not going to do it, they need to put in place something else in the trajectory of low carbon transition. to youoes it make sense that bp supports the paris accord, exxon supports the paris accord, countless other companies support the paris accord and yet the u.s. might withdraw? they aren't know if going to withdraw. the last i heard there is quite a debate about it. erik: here at the st. petersburg economic international forward, bob dudley, the ceo of bp. mark: an exclusive interview, thanks a lot. erik schatzker, you know where he is. vonnie: st. petersburg. thanks, mark. payment processor is making its first major purchase in over a decade. for $750 million the company is buying car connect, one of the distribution partners that runs small to medium transactions. let's get more from frank, a veteran of the thinking industry. 2004.major deal since talk to us about the timeline of the deal and why now? >> card connect, i have known them since i came to the company , talked to them, talked to them the whole time and been friends and partners. watched them transform their company as we were transforming hours. watched leadership innovate and bring technology and we thought it was a perfect time to bring the two companies together, the opportunity of expansion of the platform is a fabulous opportunity. vonnie: what does the acquisition bring to first data? innk: we had an investor day late fourth quarter, actually the first investor day in 10 years for this company. this company made a lot of progress over the past that throw years and we said we would bring more technology tools to partners and lower -- they -- there are tools set and everything they have accelerate that for us. vonnie: talk to us more about the future. is this the big deal now for a while or are you intending to continue this street? streak?- continue this frank: the company spent a long time deleveraging. we generated free cash flow of over one billion dollars last year and paid down over $1 billion of debt. of 2015.argest ipo our first and foremost preference for cash is to pay down debt, but we will always be opportunistic and i think we will take a breath, get organized, bring this company into the fold very well and get the benefits we need for increase in. vonnie: let's talk about the current administration. you were part of the ceo town hall with donald trump. what sense do you get that regulatory reform will be achievable this year? frank: my sense from that meaning -- meeting was the president and the administration is very committed to getting things done. they have done a fabulous job in communicating to business .eaders from what i see, they have a full intent of a full-court press to get it done. hard on working really listening to business. i think they are listening to business leaders very well. vonnie: it doesn't strike me that it is the most active administration when it comes to actually getting things done. what makes you so confident we will see regulatory reform? about the journey and i think about the administration. i would say these things don't happen in an hour. you put your building blocks in place and you begin the techniques you need and put the leadership intact and you continue. the president's working hard on getting all those things done. i think ultimately it will get achieved. vonnie: what about the tax reform and growing the small business community of america? to a certain extent, that kind of thing with influence you as well in terms of how much you might borrow to make other acquisitions or people you might employ. what are you looking forward to, what would you prioritize? frank: to me, obviously corporate tax rates matter a lot. i think us helping small businesses is our mission, so our mission is to help small businesses in every way possible and everything that can motivate small businesses to keep growing would be strong. i think our job is to bring tools of big business to small business and help them grow their business. vonnie: what kind of criticalties in currencies -- this has been the news for a past couple of days, do you see any opportunities in that first data? greg: first the data is a commerce and enablement company. our job is to allow businesses -- frank: first data is a commerce and enablement company. you see us an ounce our ability ally pay.te we are partners with everybody whether it be the, mastercard, amex, discover. we are bitcoin enabled in some applications where people want it. first data, we want to enable commerce at the point-of-sale whether online or physical. thate: the consumer isn't out of shape at the moment, but retail is not doing very well. consumers are buying other things how is that impacting your business? frank: we have spent a lot of time building out commerce to help retailers whether it be in the restaurant industry or in the fashion industry across the board. every vertical to be able to enable commerce all the way from the phone to the store, online, we have fabulous assets that help out clients -- help our clients interact with their clients. we are heavily motivated. vonnie: you didn't say which areas? frank: i think the best way to think about it is us and enabling clients come individuals, to transact online and pick up goods of the store. vonnie: trading revenue at the talking about jpmorgan yesterday and bank of america, why is that and where do you anticipate trading revenue will go this year? frank: i think look at jpmorgan, citi, they have had great trading platforms forever. i want to take one quarter -- i would not take one quarter's statement about the statement of the future. we have always felt that way when we are running those institutions. vonnie: there is not much else to say. he is first data ceo. mark: fascinating conversation. we are headed to the close, four minutes away from the end of the thursday session. stocks are gaining in the first day in six. i will leave you with a currency board. data all across europe. this is bloomberg. ♪ ♪ live from london and new york, this is the european close. i am mark barton with vonnie quinn. stocks led by auto, media, travel, leisure. the benchmark, the stoxx 600 rose by .7%. fourth straight monthly advance, the best run since december 2015. we have manufacturing data, pmi data out of the u.k. showing momentum, confidence rising, strong domestic demand. the pmi rose for the month just below the three-year-the prior month. the market says growth is largely being driven by domestic demand. sterling was positive on the outlook for manufacturing citing solid new orders, optimism on a 20-month high and the biggest job -- jump in the backlog of work in six years. i just thought i would show off and show the e.u. function. everything you need to know about the european union. that is the news flow. along the bottom we've got the polls. the online bloomberg poll tracker. , labour, a 3% 32% margin. there is no implied majority anymore. the yellow line is telling us it is going to be a hung parliament and the tories will have a four-seat deficit. a month ago the implied majority was over 200. e.u. for an absolutely cracking function. great interview erik did with the bp ceo bob dudley. in the background is the russian putiny, prudent -- restoring the geopolitical swagger. only recently as you can see here, the economy has just been limping to growth. that is the backdrop to the conference taking place. agenda president trump's seems to be stuck in neutral. there are more elections in europe, oil rebounding, but -- joining us to discuss all of this is gary schilling. six latest views are non-term economic investment fees. the overarching theme is the trump trade never should have been, potentially. outline why you think that. gary: that was overenthusiasm. people thought there was going to be instant rapid growth, deregulation, instant fiscal stimuli, replacement for obamacare, a host of things that they forgot the trump was elected as an outsider running the -- against democrats and a lot of republicans and he has congress to deal with and even if they get big fiscal stimulus through congress, i think it will be in terms of infrastructure and military spending, it still takes two or three years before those programs actually see income generated and spending take place. vonnie: you are looking for an unwind of this and yes, it doesn't seem like any asset class wants to unwind because either the participants believe it will happen like you say, but further in the future, or it won't happen, but is it fundamental to say good enough? gary: you really have a mixed bag. for example, right after trump was elected you saw a selloff in emerging-market debt and bonds. a big selloff in treasuries. a rally in commodities. a lot of those things have been -- since then and i think people have said there were -- there are going to be changes, but longer-term term. i think the biggest thing is going to be the fiscal stimuli because virtually all politicians are under pressure. policy -- -- monetary it is up to fiscal policy and the voters have said this or do you have had really no growth in real income for most people in all the g7 countries for over a decade. old movieds of that "network" they are mad as hell, they want something done. i don't think this is a partisan deal and longer-term that is going to be important. mark: a great film, too. let's look at some of these other themes. the long promised asian century of global leadership is unlikely, you say to come to pass. why is that? gary: if you look at asia, you , i thinkng about asia there was this whole idea of an asian century and i just something that is going to happen because first of all, asia is dependent on exports to drive those economies. 1 -- where did those export to go? they go directly or indirectly to europe and north america and if you don't have strong growth they're, you don't have strong growth back in asia. you also have really the end of globalization. in virtually all of can be shifted out of the west to asia, particularly china. that is over. it has pretty well done to an irreducible minimum. india i think is an exception. i am very bullish on india. china really doesn't have rule of law or a democracy or dealing with popular unrest. it is a top-down economy. it is very hard to manage an economy like that because it is all top-down, you either do what you are told or you are shot. if it is a market economy like singapore, the chips fall made a may. -- where they may. look at monetary policy in china, they don't really know what to do with this. they don't know whether they ought to be kinder -- tying their yuan to the dollar, they are clearly trying to manipulate it. to 1981.'s go back back then you identified the beginnings of the bond rally. you called it the bond rally of a lifetime. back then, treasuries yielded over 15%. it continues apace. we have had many calling its demise. is it demise imminent or not? gary: you are absolutely right. all the way down in yields all the way up and prices the multitude is really said this cannot last, it is over, it is finished. i have been saying i don't think so because it has really been driven more than anything by the unwinding of inflation. you have to look at a chart very high correlation between inflation and bond yields, the treasury yields and i think we are still more likely to see deflation than inflation and that is another one of my long-term themes, as you know. that i think -- i am still looking for 2% yield on the 30-year bond and 1% on the 10-year. there is still life and what i call the rally of a lifetime. treasuries and accounts we manage for yield. i can carry it -- care less what the yield is because as long -- as long as it is going down. vonnie: there must be some kind of catalyst for this because of nothing happens and we get norm our movement -- no more movement out of washington, that doesn't seem to be enough to change the markets. gary: no, daschle -- vonnie: will it be midterms? gary: that's a good question because bull markets do not die of old age. you either get -- there are two reasons at least in the post-world war ii period, one is the fed jack separates -- jacks up rates. the fed is not quite to that stage yet although they may when they need to later this month raise rates a quarter of a point, most people expect that. i don't think they are on their binge -- that binge yet. the other thing is a shock and that is what happened with the dot com collapse in the late 1990's and the housing bubble and the subprime mortgage debacle. i made a career out of looking for bubbles, as you know, and i do not see any on the immediate horizon that is crying for correction. you could say a blowup in the middle east or chinese debt gets out of control, you can conjure up a lot of things, but i don't think there is anything really there. i say there is probably no reason to expect a bear market in the immediate future. vonnie: gary, thank you, that is gary shilling. he is also a bloomberg view columnist. mark: let's check in on bloomberg first word news. sebastian: top property executives are pushing for president trump to keep the u.s. in the paris climate change accord. announces his decision today at 3:00 p.m. eastern time and people familiar say he is leaning towards walking away from the deal. among those appealing for apple to stay on board is tim cook, elon musk. you can watch the decision live right here on bloomberg television. president trump has decided to keep the u.s. embassy in israel where it is in tel aviv. during the campaign the president promised to move the embassy to jerusalem. a little more than a week after he visited the city mr. trump signed a waiver that will hold off the move for another six months. has -- have signed that since -- denying accusations from italy that he conspired to invade -- of aid taxes -- evaders taxes. headed president trump's inaugural committee. global news 24 hours a day, powered by more 2600 journalists and analysts in more than 120 countries. this is bloomberg. ♪ mark: coming up, things are in full swing at the conference in st. petersburg. we got an exclusive interview with the russian politician. how tense are the u.s.-russian relations? this is bloomberg. ♪ ♪ vonnie: live from london and new york, i am vonnie quinn. i am mark barton. this is the european close on "bloomberg markets." the 21st annual international economic forum kicks off today in st. petersburg. let's head over to bloomberg's erik schatzker standing by for an exclusive interview with a special guest. erik: thank you very much. i am here with boris titov. he is a businessman and a politician and the presidential commission on entrepreneurs reporting to the president himself, president putin. boris, good to see you. you raise some eyebrows as a russian who attended the trump inauguration. how much contact have you had with the trump administration since then? boris: we have contacts with american businessman. we have some contacts with business unions as well and chamber of commerce in the states. we are now preparing a mission of russian prisoners, not the big ones -- russian business, not the big ones, medium businesses and small businesses, like machinery for example in retail, innovation technology to bring them to the states and do like a roadshow because when we have been there, we understood there is not a big understanding what is happening in russia in the economy and for oil and gas or- -- but there is also a lot, people have 6 million small business and in russia. they are all entrepreneurs working in different fields and from that site i think it will be interesting in america as well. erik: not only are you bringing a mission of russian businessmen to the united states, here on saturday i believe you will be ?osting help me understand something. how much business while the united states has sanctions against russia and russians and that is where we are right now, how much business can americans do in russia and how much business can russians do in america? boris: i don't think there are really limits on that. as i know, 300 american businesses on the forum. -- bigs this is businesses and smaller businesses that want to see what is happening because russia was on the bottom, but now it is picking up. they see possibilities. they want to see possibilities. the russians also want to see possibilities in america. many russians work in american companies. companies, butan they also own sometimes russian companies, so they stand on two feet and in that sense we need closer relations and the are psychologically difficult because sanctions means we are some kind of enemies or i don't know, but you becausele talking a lot we are practically the same culture in business and in life and in that sense, we don't have any limits. erik -- financial sanctions don't really work. for small and medium businesses, we don't see them. erik: you were among many russians who wanted to see the relationship between america and .ussia warm-up it hasn't happened, so far and it looks as though president trump aces a number of obstacles before that can happen. what do you think is going to happen? think sooner or later it will all settle. erik: you haven't given up hope? boris: no. i think it will take some time, but maybe official sanctions will come later. first, unofficial sanctions in the sense of businessman that don't want to take the risk. even if they are allowed to do business, they are not limited by sanctions. they stop because they don't and not stable situation and in that sense, they do sanctions in their hands, first of all. this will go very fall. erik: self sanctions? boris: yeah. it will be interesting to do business together in the states for russian companies i think it will go and no legal sanctions will affect that. they can say other things. i learned this from american investors which is a real problem and this problem is the russian economy because we talk to american investors and they say sanctions, they don't really stop us. the thing is, the economy of russia, it is not growing fast. it is not very interesting to invest, you have to do a strategy. you have to show us how the russian economy will develop when the oil prices drop. what will be the new sectors, the new vehicles for the growth of russian economy? the second question is there a plan? how do we do that and the first question is is there a team? this has to be answered. of thef those are some things preventing investment and improvement in relations between russians and americans, what is going to happen if the investigations currently underway back in the united states established that there was some kind of improper relationship between the russian actors in the trump team or members of the trump campaign? what happens than? that thecan say psychology of businessman will, first of all, this will not prevent -- i don't believe in this investigation, first of all. i think it is like psychological waves, we have seen that before. in russia we have seen that and other countries, we see it in the states. 10 years before. all, i don't believe it will work, but the second thing, businessman have different relations, psychological governmentsd the think their way and businessman always think their way. of course we act together. doing the state position and the foreign relations affect us and we have to follow the rules, but business will always find its way. finally, the businessman can be more incians cooperation with each other. business is really influencing policy as well. erik: i want to thank you very much. good to see you here. boris titov, speaking on behalf torussian business wants find a way to do more business with americans and hopes americans find a way to do more business with russians because you and i both know there is a lot standing in the way at the moment. back to you for now. mark: erik schatzker at the spief conference. time for the bloomberg business flash, look at the biggest business stories in the news right now. ford posted a rare sales victory over general motors last month. ford sales rose 2.3% in may thanks to more deliveries to rental car companies. it edged out gm by about 2900 vehicles. overall, u.s. auto sales slowed down for a fifth straight month. -- industries is down in they say they have withdrawn the third proposal and will not make another. -- rebuffed the latest bid. activist investor wanted the company to hold talks with tpg and the firm failed -- ppg failed to force a vote on firing zoe act of chairman -- the ak chairman. battle of the charts. what have we got for you today? he may be one of the dutch biggest stars in american football. who can compete with tom brady? how about the chinese yuan. ♪ mark: battle of the charts where we take a look at some of the most telling charts of the day and what they mean for investors. you can always access these charts on the bloomberg by running the feature -- function featured at the bottom. christine -- christie -- to be talking about european soccer players and how they are learning a hard lesson on or in exchange. the financial times reports some soccer players want to get paid in euros instead of pound and that makes sense given the pound's decline. i look at the -- i took a look at one of the salaries of the highest-paid players. i found out that if he exchanged his 15 billion pound salary today for euros, he is going to get almost 2 million euros less than had he done it a year ago around the start of june. for american viewers, i compared it for your benefit to a salary of one of the most famous quarterbacks in the nfl, tom brady from the new england patriots. 26ound if he converted his million dollar salary to euros today, he is going to get 400,000 euro bump. the key takeaway is the pound seems like an unloved courtesy at the moment even among football players. check out this chart. ie don't bother, it's over. it's not over yet. vonnie: i think it pretty much is. mark: you've got a good one. vonnie: the you really want to see it? we just talk about tom brady some more. and is all about the yuan how we are seeing something we saw back in january and january as well. as gary shilling was telling us, the china central bank and authorities will only let market forces go so far. when you are seeing such pressure from bears on the yuan and a step in. you saw that once again this weekend the offshore and onshore yuan, the spread widened significantly and the overnight borrowing cost went to 40%. mark, make your decision, 9001 just in case. mark: it has been one of the more interesting market developments over the last week, so you tick that box. vonnie: i thought you meant the opening of the summer soccer transition center. mark: cannot be predictable, i am going to get a tie today e touched on an important -- it is a tie today. i am not always predictable. well done, both of you. coming up on bloomberg, we got a great lineup of guests. vonnie: it is noon in new york, 5:00 p.m. in london, and midnight in hong kong. i am vonnie quinn. welcome to "bloomberg markets." ♪ from bloomberg world headquarters in new york, here are the top stories on the bloomberg and around the world that we are following. we are just hours away from president trump's announcement on the paris climate accord. former epa administrator christie todd whitman tells us what she would say to the president to convince him not to pull the u.s. out. organ stanley trading is slumping -- morgan stanley trading is slumping according to james gorman. we will have more of his bloomberg exclusive interview later this hour. glencore ceo ivan glasenberg tells bloomberg what he thinks of president trump's policies toward china and the outlook for chinese commodity consumption. trading day the here in the u.s. this thursday, it seems like a quiet thursday, but the boards don't say that. >> we are seeing a bounce back.